For the first 11 months in 1994, Cambiex Exploration (ME) spent more than $4.4 million exploring most of its 17 properties in Canada, the U.S. and South America.
Several of the programs yielded encouraging results, and Cambiex will perform follow-up work on these projects, as well as on two new ones in the U.S.
In Quebec, Cambiex has decided to proceed with follow-up work on the Flavrian and Akasaba projects.
The company can earn a 75% interest in the former, situated near Rouyn-Noranda, where drilling intersected a mineralized zone averaging 8.9 grams gold per tonne across 3.9 metres (about 100 metres below the lower levels of the Quesabe mine). Additional holes will be drilled this year to test for the extension of this zone.
On the Akasaba project, 25 km south of Val d’Or, a 2,009-metre drill program also intersected encouraging results. Cambiex can earn a 40% interest in the property and will initiate a second phase of drilling in the second quarter. Meanwhile, in the U.S., exploration results from four properties were somewhat mixed. About 240 km south of Salt Lake city, Utah, Cambiex is earning a 40% interest in the Annie Laurie gold property. Drilling this past year intersected three mineralized veins which will be further tested in 1995. Results at the Shakespeare, Coppercrete-Last Chance and Little Hill copper projects were less impressive, and the company has decided to drop its options on these properties.
It has, however, taken out options on two new gold properties in Nevada, Hamburg Ridge and Rye.
The former is situated south of the Ruby Hill mine, which contains 1.6 million oz. gold. Cambiex’s parent company, Cambior (TSE), is earning a 60% interest in Hamburg Ridge by spending US$1 million on exploration before the end of 1998. Cambiex can, in turn, earn 30% of Cambior’s interest by funding a proportional amount of these expenses.
The two companies have a similar agreement concerning the Rye property, 50 km south of Winnemucca, Nev. Cambior is earning a 65% interest by spending US$1 million on exploration, and Cambiex can earn 30% of Cambior’s stake by funding a portion of these costs.
In French Guiana, two additional holes have been drilled on the Yaou gold property, in which Cambiex can earn a 15% interest. These yielded 2.4 grams over 24.5 metres and 10 grams over 7.2 metres. About US$2 million will be spent on exploration, and Cambior has agreed to fund Cambiex’s share. In Chile, more than 5,000 metres of drilling will be carried out this year at the Polo Sur copper property in Chile. Cambiex is earning a 40% stake in the project, which hosts a geological reserve of 70 million tonnes averaging 0.68% copper.
It is also earning a 15% interest in the Abancay project in Peru. A 1995 budget of US$500,000 has been approved, which will finance drilling and trenching of the best anomalies outlined in 1994.
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